Andean Precious Metals (APM) Q4 2025 earnings summary

Executive summary

• Achieved record revenue, Adjusted EBITDA, and net income in 2025, with strong free cash flow and a robust balance sheet entering 2026.

• Both San Bartolomé and Golden Queen operations contributed to strong production and margin performance.

• Revenue split was 57% silver and 43% gold for the year.

• Entering 2026 with significant liquidity and financial flexibility to fund growth and pursue new opportunities.

• Key milestones ahead include a planned NYSE listing and an updated technical report at Golden Queen.

Financial highlights

• Q4 revenue was $134 million and Adjusted EBITDA $47 million.

• Full-year revenue reached $359 million, Adjusted EBITDA $133 million, and net income $118 million ($0.78/share).

• Free cash flow totaled $36 million in Q4 and $59 million for the year.

• Ended 2025 with $167 million in liquid assets, including $79 million cash, $38 million in treasuries/money markets, and $49 million in strategic equity investments.

• Total assets increased to $434 million; total liabilities declined to $170 million due to debt repayment.

Outlook and guidance

• 2026 consolidated production guidance: 100,000–114,000 gold equivalent ounces, weighted 45% in H1 and 55% in H2.

• Golden Queen 2026 cash costs: $1,500–$1,800/oz gold; AISC: $1,850–$2,150/oz gold.

• San Bartolomé 2026 cash gross operating margin: $20–$35/oz silver; gross margin ratio: 35%–45%.

• Sustaining capital for 2026: $17–$24 million; growth capital: $21–$30 million.

• Capital allocation focused on leach pad expansion, infrastructure, and plant optimization.